First Nations Fiscal Management Act

Marginal note:Local revenue account

• 13 (1) Local revenues of a First Nation shall be placed in a local revenue account with a financial institution, separate from other moneys of the First Nation.

• Marginal note:Restriction on expenditures

  (2) Local revenues may be expended only under the authority of a law made under paragraph 5(1)(b).

• Marginal note:Balanced budget

  (3) Expenditures provided for in a law made under paragraph 5(1)(b) shall not exceed the local revenues estimated for the year in which those expenditures are to be made, less any deficit accumulated from prior years.